Contingent Liabilities Determine whether each of the following is or is not a contingent liability and give the basis for your decision. For those that are contingent liabilities, explain how they should be reported.

a. Current maturities of long-term debt.

b. Guarantee of a contract by a subsidiary to purchase supplies at a fixed price over the next 3 years.

. Estimated income taxes payable.

. Estimated future warranty payments.

e. Threat of a lawsuit against a grocery store by customer who claims the products emit radiation and are unsafe to eat.

f. Failure to make payments to the company pension plan for the past 2 years.

g. Allowance for doubtful accounts.

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